introduce you to your personality style. While no personality style makes the perfect landlord, understanding yours and that of your tenant goes a long way to helping you communicate better and maximize your investment.
Ultimately, you may discover that you are not a good candidate to be a successful landlord. In that case, you may simply need to be a real estate “investor.” We will also discuss differences between a landlord and an investor.
The second part of this book helps you systemize your rental business. A 15-Minute Landlord knows that the renting of real property is actually like running a small business, and all businesses need effective systems to run properly. Systemization is all the nuts-and-bolts stuff that, though unglamorous, needs to be done. Systems you will have mastered by the time you finish this book include determining your minimum rental qualifications, preparing your rental, and pricing your rental. In addition, you will learn how to market and show your rental, how to screen tenants, and how to make trouble-free lease agreements.
The third part of this book helps you capitalize on your investment. You will learn where to pinch pennies and where to spend dollars most effectively. Should you pay for the gardener? How about the water? After all, you have a nice yard and if you pay for the water, the tenant will make sure to water it well. Or would they?
The 15-Minute Landlord also helps you locate, interview, and work with a professional property manager. Psychologists say that one of the most stressful parts of any partnership is money. Real estate investing is all about money. When you hire a property manager, you are essentially getting “married” to a stranger who is going to manage your investment.
Along the Way
Keep an eye out for the opportunities within the book to obtain additional free information from my website. For example, right now you can go to my website www.15MinuteLandlord.com, register if you are a first time user, and type the word PITFALLS into the “Free 15” box to receive my Ten Common Pitfalls of the Unsuccessful Landlord.
Expectations
The biggest lesson I have learned in my years spent as a tenant, then as a real estate investor, and finally as a professional property manager is that managing property is really about managing expectations. Each of the players, whether tenant, owner, or manager, brings with them certain expectations.
Tenants expect to be able to find out that the property is available to rent. They expect that you will show the home when it is convenient for them. They expect the home to be move-in ready. They expect to pay the current market rate for rent. In addition, the tenant expects the owner to make repairs in a timely manner.
Owners expect to find a renter quickly. They expect to show the property when it is convenient for them. They expect that everyone will love their property. They expect top dollar for their rental. Moreover, the owner expects the tenant to understand that not every repair is necessarily an emergency.
The manager expects to be able to represent quality properties that have realistic property owners and tenants. They expect the owner to treat their rental like an investment. They expect to receive market rate rent for the property. They expect the owner to allow them to maintain the rental in a good condition. They expect the tenant to treat the property with respect. Like the owner, the manager expects the tenant to understand that not every repair is necessarily an emergency.
So the question is, or at least should be, how do we align the expectations of the tenant, owner, and manager so that everyone is content? This book answers that question and a diverse range of others.
Final Thoughts
I own a professional property management business and rental properties in many states. I am neither a lawyer nor insurance agent/broker. Always check with your local real estate board, attorney, and insurance agent. Make sure you know the real estate laws and landlord/tenant regulations in your area.
Now it is time to begin your transformation into a 15-Minute Landlord. Owning and renting real property is a time-tested method for building great wealth. However, to understand why, first you need to understand the economics of the investment you are about to make.
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